Wells Fargo hires Scott Powell as COO

Wells Fargo & Co. mentioned Scott Powell will change into its COO, the second exterior recruit to hitch the highest ranks since CEO Charles Scharf took over six weeks in the past.

Powell most just lately was CEO of Santander Holdings USA Inc., in addition to of Santander Client USA Holdings Inc. He additionally labored with Scharf at Financial institution One after which JPMorgan Chase & Co. Santander Client USA has backed a big share of Fiat Chrysler Vehicle’s auto loans beneath the private-label Chrysler Capital model since 2013.

Beginning Dec. 9, Powell will give attention to Wells Fargo’s relationships with regulators, which have been strained for the reason that financial institution turned tangled in a wide-ranging gross sales practices scandal in 2016.

Wells Fargo is likely one of the largest auto lenders within the U.S., with an automotive portfolio of $46.7 billion as of the third quarter.

The San Francisco-based financial institution is presently working beneath greater than a dozen regulatory consent orders, together with an unprecedented progress restriction on its stability sheet from the…

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